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1. A firm's isoquant and isocost line are shown in the diagram below. The isoquant corresponds to an output of 50 units, and the isocost line corresponds to a cost of $225. Additionally, the price , and at point A the marginal of labor is $10. The MRT of labor for capital equals product per dollar spent on capital is the marginal product per dollar spent on labor. capital 25 A a. 9/10; greater than b. 9/10; less than c. 10/9; less than d. 10/9; greater than labor

1. A firm's isoquant and isocost line are shown in the diagram below. The isoquant corresponds to an output of 50 units, and the isocost line corresponds to a cost of $225. Additionally, the price , and at point A the marginal of labor is $10. The MRT of labor for capital equals product per dollar spent on capital is the marginal product per dollar spent on labor. capital 25 A a. 9/10; greater than b. 9/10; less than c. 10/9; less than d. 10/9; greater than labor

Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 18PAE
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1. A firm's isoquant and isocost line are shown in the diagram below. The isoquant corresponds to an output of 50 units, and the isocost line corresponds to a cost of $225. Additionally, the price , and at point A the marginal of labor is $10. The MRT of labor for capital equals product per dollar spent on capital is the marginal product per dollar spent on labor. capital 25 A a. 9/10; greater than b. 9/10; less than c. 10/9; less than d. 10/9; greater than labor
Transcribed Image Text:1. A firm's isoquant and isocost line are shown in the diagram below. The isoquant corresponds to an output of 50 units, and the isocost line corresponds to a cost of $225. Additionally, the price , and at point A the marginal of labor is $10. The MRT of labor for capital equals product per dollar spent on capital is the marginal product per dollar spent on labor. capital 25 A a. 9/10; greater than b. 9/10; less than c. 10/9; less than d. 10/9; greater than labor
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